how to sell an inherited let property

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    how to sell an inherited let property

    Likely that probate will be granted shortly for my late mother's house that my sister and I will jointly inherit. We're wondering how best to approach the fact that my sister and I want to sell the property once probate is granted. We're joint executors, and there are tenants who've been there 10 years and are currently on a statutory periodic tenancy.

    One problem I foresee is that the AST is dated February 2015, a month after our mother died. Although the AST has my mother named as landlord, it was arranged by the letting agent. I'm wondering if in fact it's valid considering they were aware of the fact that she had passed away when it was signed. If it's not valid, would we then need to arrange to have a new tenancy agreement signed?

    Secondly, as my sister and I are both the only executors and the only beneficiaries of this property, are we bound to transfer the property to our own names before we sell it or can we sell as executors? Are there any dis/advantages either way if permissible?

    I've got more questions but this should kick things off and clarify what we need to do to start getting our ducks in a row on the assumption probate will finally be granted (over five years after it should have been - don't ask!)


    #2
    I once bought a property from a deceased estate and the deceased was still named at the Land Registry as owner. However the probate granted the executors the right to dispose of the property as if it were there own, they didn't need to re-register it. That was 12 years ago though!

    Comment


      #3
      What a stupid move by the agent.
      Just the kind of moronic detail that might make things complicated when they needn't have done.

      What I'd do is make sure you've got the previous tenancy agreement as a fall back.
      Either the 2015 agreement is valid (although the landlord should be "the estate of xxx" or it's not.
      If it's not, it doesn't exist, so the prior agreement would be the current contract.

      Hopefully, it'll just be seen as the admin mistake it was and won't matter at all.

      Personally I can't see much difference if you're acting as executors or owners.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Might be worth offering tenant new AST, perhaps at lower rent, ensuring that ALL the paperwork is perfect (gsc, EPC, deposit, how to rent etc etc etc) so any purchaser has no worries.
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          Rent is rock bottom as it is (and they still don't manage to pay it sometimes). Could offer new AST and do paperwork perfectly but then we've got min 6 months until we can sell if we want to do so with vacant possession. I'm assuming that we'd get higher prices / more interest with that. This is NW London.

          However, I know that paperwork isn't perfect anyway. I didn't discover deposit wasn't protected until 2017 when I got agent to protect it with TDS. However, I did it in my mum's name at that point as I assumed it had to match AST (in hindsight maybe not a good move).

          Anyway, the tenants really don't seem well informed about how these things work. I know that from the last five years dealing with them and have met them on a number of occasions. They have been aware since day 1 that there's a possibility we might sell but any initial shock will have worn off as legal issues with the rest of the estate prevented us from applying for probate until now.

          I'm kind of hoping that they accept the inevitable and find alternative accommodation. But if they choose to get pushy, they will have a number of legs to stand on at the moment I fear.

          Comment


            #6
            How long have the tenants been living in the property?

            Comment


              #7
              If they don't always pay, no new AST
              I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

              Comment


                #8
                They may simply not line up the '' dots '' on this one and accept the fact that their landlord who has passed away and the next of kin wish to sell. It must happen often.

                Comment


                  #9
                  Originally posted by Mrs Mug View Post
                  How long have the tenants been living in the property?
                  Agent says the family moved in in 2004.

                  Comment


                    #10
                    There are companies who specialise in purchasing tenanted properties.
                    Their business model is to buy at below market rate, but claim that the lower cost is more than offset by there being no need to evict the tenant and the lack if estate agent's fees.

                    There's an example here - https://www.landlordbuyers.com with their comparison model.
                    I don't know anything about them, they popped into my twitter feed - that's all I know about them and I certainly can't recommend them over anyone in the same market.

                    But it might make things more simple in this particular case.
                    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                    Comment


                      #11
                      yes, possibly so that's helpful thanks. A lot hinges on whether they'll simply see the writing on the wall and up and leave.

                      Comment


                        #12
                        Serving s21 and S8 for any arrears (sounds like g11 valid) might prompt thoughts for price of a stamp
                        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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